The unprecedented challenges posed by the spread of the COVID-19 virus rattled the copper market in February. The copper price has come under significant downward pressure, fuelled by the speculative selloff as investors turned bearish. The crisis is evolving rapidly. Industrial sectors in China have been gradually resuming operations; the estimated loss of working days and disruption to copper demand in February is close to two weeks. We expect a much smaller loss of copper demand in March as production picks up. The concentrate market has been impacted by the reduction in smelter utilisation rates, accelerated by the collapse in demand for sulphuric acid, but also from some smelters rescheduling maintenance.